SMM Zinc Market Daily Review (2013-4-10)-Shanghai Metals Market

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SMM Zinc Market Daily Review (2013-4-10)

Price Review & Forecast 10:08:32AM Apr 11, 2013 Source:SMM

SHANGHAI, Apr. 11 (SMM) - LME zinc prices overnight closed the day with gains. LME zinc prices thus opened higher at RMB 14,925/mt today. The US Federal Reserve will announce the minute for its monetary policy meeting held on March 19th-20th, and any plan for tightening policies will affect the market significantly. Investors will remain cautious before that. SHFE zinc prices. SHFE 1307 zinc contracts prices moved between RMB 14,910-14,915/mt after opening. China reported trade deficit in March, depressing investor confidence and causing short momentum to grow. SHFE zinc prices inched down to RMB 14,865-14,885/mt, and finally closing at RMB 14,875/mt, up RMB 50/mt or 0.34%. Trading volumes decreased by 25,724 lots, to 51,066 lots, and total positions decreased by 2,276 lots to 135,464 lots.

SHFE 1307 zinc contract prices opened high, but then fell slightly. Discounts of #0 zinc against SHFE 1306 zinc contract prices were RMB 100-110/mt, with traded prices between RMB 14,720-14,740/mt. #1 zinc prices were between RMB 14,690-14,710/mt. LME zinc prices weakened, and dragged down SHFE zinc prices. With a lack of support from demand, spot zinc prices were pessimistic. Cargo holders sold goods modestly, while downstream buyers mainly took a wait-and-see attitude, keeping overall transactions muted.
 

Key Words:  LME zinc prices  

SMM Zinc Market Daily Review (2013-4-10)

Price Review & Forecast 10:08:32AM Apr 11, 2013 Source:SMM

SHANGHAI, Apr. 11 (SMM) - LME zinc prices overnight closed the day with gains. LME zinc prices thus opened higher at RMB 14,925/mt today. The US Federal Reserve will announce the minute for its monetary policy meeting held on March 19th-20th, and any plan for tightening policies will affect the market significantly. Investors will remain cautious before that. SHFE zinc prices. SHFE 1307 zinc contracts prices moved between RMB 14,910-14,915/mt after opening. China reported trade deficit in March, depressing investor confidence and causing short momentum to grow. SHFE zinc prices inched down to RMB 14,865-14,885/mt, and finally closing at RMB 14,875/mt, up RMB 50/mt or 0.34%. Trading volumes decreased by 25,724 lots, to 51,066 lots, and total positions decreased by 2,276 lots to 135,464 lots.

SHFE 1307 zinc contract prices opened high, but then fell slightly. Discounts of #0 zinc against SHFE 1306 zinc contract prices were RMB 100-110/mt, with traded prices between RMB 14,720-14,740/mt. #1 zinc prices were between RMB 14,690-14,710/mt. LME zinc prices weakened, and dragged down SHFE zinc prices. With a lack of support from demand, spot zinc prices were pessimistic. Cargo holders sold goods modestly, while downstream buyers mainly took a wait-and-see attitude, keeping overall transactions muted.
 

Key Words:  LME zinc prices